Abstract

This proposal aims to provide a final migration solution for JPEG token holders by re-opening migration with a 10% penalty and establishing a definitive end date aligned with the Q1 snapshot for PIP-96. This approach balances accessibility for token holders with the protocol’s need for finality.

Background

• PIP-80 introduced $JPGD as a new token to unlock new functionality and utility, with an initial provision for perpetual migration from $JPEG
• PIP-92 (passed 100% on Aug 24, 2024) approved an end to migration with a 60-day countdown
• PIP-94 (voted against 49.54%/50.46% on Oct 27, 2024) proposed an extension with no end-date and a 10% penalty
• The DeFi ecosystem has demonstrated the importance of accommodating various investor timeframes while maintaining clear protocol direction

Motivation

1. Investor Consideration: Many institutional and retail investors operate on extended investment horizons and may require additional time to complete migration
2. Risk Mitigation: A clear final migration window with ample notice reduces potential complications for investors who haven’t yet migrated
3. Protocol Finality: Establishing alignment with the PIP-96 Q1 snapshot provides a logical end point for the migration process
4. Treasury Impact: A balanced approach to migration can maintain investor confidence while moving toward protocol objectives

Specifications

Technical Implementation

• Reactivate JPEG to JPGD migration with an immediate 10% penalty
• Update exchange rate to 1 JPEG = 1.2964563526 JPGD
• Migration limited to JPEG amounts held at PIP-92 enactment (10/31/24)
• Set final migration end date to coincide with the Q1 snapshot date for PIP-96

Operational Requirements

• Clear communication of final migration deadline
• Regular status updates on migration progress
• Maintained support channels for migration assistance
• Documentation updates reflecting new timeline and penalties

Security Considerations

• Existing migration contract security remains unchanged
• Continued monitoring of migration patterns
• Snapshot mechanism prevents gaming of the system

Timeline

• Immediate implementation upon passage
• Final end date aligned with PIP-96 Q1 snapshot
• No further extensions after this deadline